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Richard Best Named Regional Director of SEC Atlanta Office

The Securities and Exchange Commission (“SEC”) has selected Richard Best to replace Walter Jospin as the regional director of its Atlanta office. Best joins the market regulator’s Atlanta office after spending the past two years as director of the SEC’s Salt Lake office. In that capacity, he oversaw the SEC’s enforcement program in Utah. Best was also a senior director and chief counsel in the Financial Industry Regulatory Authority’s Department of Enforcement. Jospin will leave the SEC at the end of the month.

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SEC Commissioners Receive Senate Approval

For the first time in over two years, the Securities and Exchange Commission (“SEC”) will soon have a complete five-member complement. On December 21, the U.S. Senate confirmed Hester Peirce and Robert Jackson as the market regulator’s next commissioners. The vote occurred following Senator Tammy Baldwin’s decision to lift a hold on both nominees after they answered questions on her financial regulatory priorities. A senior research fellow at George Mason University’s Mercatus Center, Peirce will replace Daniel Gallagher. Jackson, a Columbia University law professor, takes over for former SEC Commissioner Luis Aguilar. Gallagher and Aguilar left the SEC near the. Read More.

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SEC Official Asks Public Companies to Focus on Key FASB Standards

Securities and Exchange Commission (“SEC”) official Michael Dusza is advising public companies to consider how the adoption of several standards from the Financial Accounting Standards Board (“FASB”) could impact their financial reporting controls. During a speech last month in Washington D.C., Dusza stressed that the accounting changes for revenue recognition, leases, and credit losses are likely to create significant challenges when public companies test internal controls during the adoption phase. Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers (Topic 606), is effective January 1, 2018 for public business entities. ASU No. 2016-02, Leases (Topic 842), will be. Read More.

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FAST Act Investment Advisors Rules Amended

In the final rule, Amendments to Investment Advisers Act Rules to Reflect Changes Made by the Fast Act, the Securities and Exchange Commission (“SEC”) offers amendments to the provision that defines a venture capital fund and the rule implementing the private fund adviser exemption in the Investment Advisers Act to reflect changes by Title LXXIV, Sections 74001 and 74002 of the Fixing America’s Surface Transportation Act (“FAST Act”). As part of the new amendments, the venture capital fund definition under Title LXXIV, section 74001 of the FAST Act will include small business investment companies. The SEC is also amending the. Read More.

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SEC Appoints New Members to PCAOB

The Public Company Accounting Oversight Board (“PCAOB”) will soon receive five new members. Announced by the Securities and Exchange Commission (“SEC”) on December 12, the new members are as follows: Robert Brown: A law professor at the University of Denver, Brown previously served on the PCAOB’s Standing Advisory Group and the SEC’s Investor Advisory Committee. William Duhnke: The staff director and general counsel to the Senate Committee on Rules and Administration, Duhnke was a Republican staffer in the Senate Banking Committee. Kathleen Hamm: The Global Leader in Securities and Fintech Solutions at Promontory Financial Group, Hamm has prior experience with. Read More.

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FASB Standard Addresses New SEC Guidance

A new Accounting Standards Update (“ASU”) features amendments to select Securities and Exchange Commission (“SEC”) paragraphs under the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Issued as ASU No. 2017-14, Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606), the standard amends the Accounting Standards Codification to incorporate the following SEC guidance: SEC Staff Accounting Bulletin (“SAB”) No. 116: SAB No. 116 aligns current SEC staff guidance with ASC Topic 606, Revenue from Contracts with Customers. This bulletin updated SAB Topic 13, Revenue Recognition, SAB Topic 8, Retail Companies,. Read More.

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